Business Pre Planning Part 2

Business of Insurance Podcast

EP -71 If you haven't listened to episodes 65-71, they set the stage for this final episode on things to think about when starting your own insurance business. Regardless if you are starting an agency, an insurance company or a related business to the insurance industry like technology, claims or risk management, the concepts of starting a business are the same. These are discussed in these episodes and can help with your thought processes and planning.

Pre-planning, part 2 provides ideas to implement 6-12 months before you are ready to open your doors. If you don't have a year to plan your business, you can fast track these ideas. It's the concepts that you want to consider to assist in starting your business with a greater chance of success.

Months 6-9

• Define business objectives
• Pick a name for your business
• Look for office locations
• Write a business plan

Month 10

• Decide legal form for your business
• Set up recordkeeping system
• Establish a relationship with a banker
• Open a business checking a account

Month 11-12

• Prepare cash flow projections
• Define amount of investment you’ll need
• Prepare financial statements
• Obtain license insurance, permits
• Secure financing
• Set up office and operational space
• Purchase business cards, office supplies
• Hire staff

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ABOUT THE HOST

This episode of the Business of Insurance podcast is produced and hosted by Debbie DeChambeau, CIC, AAI, CPIA - an entrepreneur, business advisor, insurance professional and content creator. Her goal is to inspire you to think differently and explore ideas that disrupt the status quo.

Debbie has an extensive business and marketing background with a focus of helping insurance professionals be more successful. With over 30 years in the industry, mostly on the property and casualty side, she currently works in the health insurance space, with a focus on helping people navigate the Medicare Maze.

She is the co-author of Renewable Referrals.Connect with Debbie on LinkedIn, Twitter or Instagram.